Philippines: Crane Market 2024

Crane Market Size in the Philippines

The Philippine crane market shrank to $X in 2022, with a decrease of -4.7% against the previous year. Over the period under review, the total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -19.1% against 2020 indices. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Crane Production in the Philippines

In value terms, crane production totaled $X in 2022 estimated in export price. Over the period under review, production saw prominent growth. The growth pace was the most rapid in 2018 with an increase of 236%. Crane production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Crane Exports

Exports from the Philippines

In 2022, shipments abroad of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane increased by 596% to X units for the first time since 2019, thus ending a two-year declining trend. In general, exports, however, showed a abrupt downturn. The growth pace was the most rapid in 2017 with an increase of 15,800%. The exports peaked at X units in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, crane exports soared to $X in 2022. Over the period under review, exports, however, continue to indicate a perceptible decrease. The most prominent rate of growth was recorded in 2017 when exports increased by 19,791% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Malaysia (X units), China (X units) and Indonesia (X units) were the main destinations of crane exports from the Philippines, with a combined 91% share of total exports. Fiji, Mexico, South Korea and Singapore lagged somewhat behind, together accounting for a further 9%.

From 2012 to 2022, the biggest increases were recorded for Fiji (with a CAGR of 0.0%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Malaysia ($X) emerged as the key foreign market for derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane exports from the Philippines, comprising 56% of total exports. The second position in the ranking was held by China ($X), with a 23% share of total exports. It was followed by Indonesia, with a 14% share.

From 2012 to 2022, the average annual growth rate of value to Malaysia totaled +16.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+145.3% per year) and Indonesia (-18.9% per year).

Export Prices by Country

The average crane export price stood at $X per unit in 2022, surging by 3.1% against the previous year. Over the period under review, the export price saw a prominent increase. The pace of growth was the most pronounced in 2015 an increase of 147% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per unit), while the average price for exports to Mexico ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+62.3%), while the prices for the other major destinations experienced more modest paces of growth.

Crane Imports

Imports into the Philippines

In 2022, overseas purchases of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane decreased by -32.5% to X units, falling for the fifth consecutive year after three years of growth. Overall, imports recorded a drastic downturn. The growth pace was the most rapid in 2015 with an increase of 18% against the previous year. Imports peaked at X units in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, crane imports fell remarkably to $X in 2022. Over the period under review, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 when imports increased by 36% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X units), Japan (X units) and South Korea (X units) were the main suppliers of crane imports to the Philippines, together accounting for 89% of total imports. India and Singapore lagged somewhat behind, together comprising a further 4.9%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +6.3%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest crane suppliers to the Philippines were China ($X), Japan ($X) and India ($X), together comprising 89% of total imports.

India, with a CAGR of +14.8%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average crane import price stood at $X per unit in 2022, rising by 15% against the previous year. In general, the import price continues to indicate resilient growth. The most prominent rate of growth was recorded in 2018 when the average import price increased by 50% against the previous year. The import price peaked in 2022 and is expected to retain growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Singapore ($X per unit) and India ($X per unit), while the price for South Korea ($X per unit) and China ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+8.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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